Barcalounger sale set
Group makes winning bid for assets
Larry Thomas -- Furniture Today, August 25, 2010
WILMINGTON, Del. - A consortium that includes an affiliate of the current owner of bankrupt producers Barcalounger and American of Martinsville was the apparent winning bidder at a court-supervised auction last week.
Documents filed in U.S. Bankruptcy Court here say HPC3 Furniture Holdings, an affiliate of current owner Hancock Park Capital, teamed with Liquid Asset Partners LLC and Joerns Healthcare Inc. to submit the winning bid of $1.93 million for substantially all the assets of the two companies.
No other details about the winning bidders were immediately available.
HPC3 Furniture Holdings had been the so-called "stalking horse bidder" and had proposed buying the two companies for $1.5 million.
According to court filings, last week's auction began with an effort to sell some of the assets separately - notably intellectual property, inventory and machinery. Liquid Asset Partners and Joerns Healthcare were among the early bidders for some of the assets, but they later teamed with HPC3 to submit a bid for all of the assets.
In the last several rounds of bidding, the eventual winners were bidding against another consortium that included Lifestyle Solutions, a resource for futons and contemporary bedroom furniture, and Leather Apogee, a leather supplier.
Initially, Lifestyle Solutions had bid for Barcalounger's intellectual property, while Leather Apogee had placed bids on the fabric and leather inventories of both companies.
Barcalounger, which makes motion upholstery, and American of Martinsville, a contract furniture producer, filed for Chapter 11 bankruptcy protection in May. The Martinsville, Va., factory where both product lines were produced was shut down without warning on April 16.
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Barcalounger, AOM bid deadline set for Aug. 11
Jun 9, 2010 -
Berkline/BenchCraft bid deadline set for Aug. 8
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